1. #1
    B1GER1C828
    Bostoneric
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    finding edge/kelly formula

    well i was using the odds calc on here 2 get the probability to then find edge using the formula provided by ganch...i always get 0. Whens a case i wont?

  2. #2
    Ganchrow
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    Quote Originally Posted by B1GER1C828 View Post
    well i was using the odds calc on here 2 get the probability to then find edge using the formula provided by ganch...i always get 0. Whens a case i wont?
    You need to be more specific.

    What numbers are you using for each of the inputs?

  3. #3
    B1GER1C828
    Bostoneric
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    well say the odds of the team r -135,

    plugging that into the odds converter, i get implied prob of 57.45 and a decimal of 1.7407

    (57.45)(1.7407) -1 = just bout 99...? i just dnt get how 2 get the edge using this formula

  4. #4
    Ganchrow
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    Quote Originally Posted by B1GER1C828 View Post
    well say the odds of the team r -135,

    plugging that into the odds converter, i get implied prob of 57.45 and a decimal of 1.7407

    (57.45)(1.7407) -1 = just bout 99...? i just dnt get how 2 get the edge using this formula
    From the Odds Converter documentation:
    Associated with any given odds quotation is the win probability implied by those odds. This represents the probability with which the underlying event would need to occur to justify those odds. If the real probability were greater than the implied probability then the bet would be a good bet, while if it were lower it would be a bad bet. If the real probability were equal to the implied probability then the bet would be break-even.
    In other words, the implied probability of any odds quote will by definition always have zero edge.

  5. #5
    B1GER1C828
    Bostoneric
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    k thats sorta was i was figuring after all the numbers i put in...so basically don't use that for the probability...

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